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Chapter 1

Chapter 1 Mass Real Estate

TermDefinition
Abutter One whose land adjoined another parcel of property ( including a road or another private parcel).
Ad Valorem Tax A tax based "according to valuation". Property taxes are based on the value of the property being taxed.
Air Rights The rights to the space above a piece of property.
Annexation The process of changing personal property to real estate.
Board of Appeals Local city or town committee, that rules on matters of zoning variances.
Building Code A set of rules established by state, or municipal government, to regulate standards in the construction trades.
"Bundle of Rights" A concept of used to describe all of the rights, that an owner has in the property owned.
Chattel An article of tangible personal property.
Chattel Personal A chattel that is movable. EXAMPLE: furniture; bed, table, chairs.
Chattel Real A chattel that is associated with a piece of real estate. EXAMPLE: A lease
Corporeal Interest in property, that is tangible such as buildings or trees as opposed to intangible, such as an easement or lease.
Emblements Growing crops, that are produced annually through labor and industry. Considered personal property even before harvest. Also known as Fructus Industriales.
Fixture An article of personal property, that has become real property by being attached to the realty. EXAMPLE: A book shelf that has been screwed onto a wall.
Heterogeneity Physical characteristic of being unique. Used in reference to real property. There is no exact duplicate. ( Also known as non-homogeneity)
Improvements Additions to real property, that are intended to increase value.(more than maintenance or repair)
Incorporeal Intangible or non-possessory rights in real estate. No physical substance. EXAMPLE: A right of way.
Intangible Having no physical or material being. EXAMPLE: A right of way.
Location Economic characteristics of real property, that indicates that value is affected by what exact site real property occupies; including abutters, neighborhood, and zoning.
Long Term Investment Economic characteristic, that indicates real property will last along time; more than a mortgage, often more than a lifetime, as opposed to a short time like stocks and bonds.
Mineral Rights Subsurface rights. May be granted separately from surface rights as in rights to oil, gas, and minerals.
Personal Property All property that is not real property. An article that is movable and not attached. Also called personalty.
Police Power The right of the government to enforce laws, statues, and regulations for the public welfare. Includes building codes and zoning ordinances.
Possession Rights The rights to occupy real property. Often granted separately from other rights as in the case of a lease.
Property The rights and interests ( known as the Bundle of Rights), that an individual has in a thing that is owned. May be real or personal.
Real Estate Land and whatever is attached to land. Also known as Real Property or Realty.
Scarcity An appraisal principle that a reduction in the availability, or supply of a good will increase its value.
Severance The process of changing real property into personal property. ( Personalty )
Situs Refers to characteristic of location.
Subsurface Rights Rights to real property, that are beneath the surface including mineral rights, water rights, and easements such as underground utilities.
Surface Rights Rights to real property on the surface of the property. Not including rights above ( Air Rights ) or rights below. ( Mineral and other Subsurface Rights )
Tangible Having physical or material being such as height, width, mass, or weight. As opposed to intangible such as an easement.
Taxation The right of the government to levy charges on piece of property. One of the governments limits to rights of ownership.
Trade Fixture A fixture attached real property is a part of the tenant’s trade or business. Can be removed by the tenant at the end of the lease.
Variance Permission to build, convert, or otherwise use a parcel of property in violation of the zoning ordinances.
Zoning An exercise of police power whereby a city or town, limits property rights by determining, what can be built within certain sections of a municipality.
Created by: sunaecm4